Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Moderna Inc., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Net income (loss)	13)	(1,279)	(1,175)	217)	(3,630)	(1,380)	79)	1,465)	1,043)	2,197)	3,657)	4,868)	3,333)	2,780)	1,221)	(272)	(234)	(117)	(124)	(123)	(123)	(135)	(133)
Stock-based compensation	112)	112)	101)	79)	77)	74)	75)	62)	70)	50)	44)	37)	40)	35)	30)	25)	23)	24)	20)	20)	21)	21)	18)
Depreciation and amortization	52)	41)	36)	202)	249)	92)	78)	80)	113)	76)	79)	78)	70)	69)	15)	8)	9)	8)	7)	9)	7)	7)	7)
Leased assets expensed	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	62)	—)	—)	—)	—)	—)	—)	—)
Amortization/accretion of investments	(21)	(28)	(27)	(20)	(12)	(12)	(17)	(4)	6)	11)	18)	21)	20)	8)	5)	5)	3)	1)	1)	—)	(1)	(1)	(1)
(Gain) loss on equity investments, net	8)	22)	13)	19)	33)	(35)	18)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Deferred income taxes	—)	—)	—)	(106)	1,464)	(220)	(310)	(86)	(97)	(230)	(146)	(229)	(17)	(22)	(50)	—)	—)	—)	—)	—)	—)	—)	—)
Other non-cash items	(1)	4)	3)	(18)	37)	(8)	(4)	(8)	21)	15)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Accounts receivable, net	(1,401)	(26)	755)	974)	(1,634)	881)	272)	1,310)	(4)	483)	1)	(33)	(1,122)	1,190)	(1,819)	(1,200)	(157)	(26)	(2)	3)	(4)	2)	6)
Prepaid expenses and other assets	(150)	—)	3)	202)	914)	70)	(212)	(1,030)	(345)	90)	(414)	(303)	(76)	(98)	(12)	(173)	(56)	(7)	(4)	8)	(4)	3)	3)
Inventory	(11)	(104)	(93)	285)	228)	18)	216)	1,128)	(156)	21)	(501)	(476)	(322)	(148)	(448)	(47)	—)	—)	—)	—)	—)	—)	—)
Right-of-use assets, operating leases	(1)	(78)	16)	52)	(648)	(13)	4)	(8)	9)	10)	10)	(33)	(11)	(16)	2)	3)	(1)	2)	(14)	2)	(4)	(5)	2)
Accounts payable	96)	104)	(303)	21)	179)	(70)	(117)	151)	145)	(21)	(35)	178)	(18)	59)	(15)	(2)	2)	9)	2)	(5)	(18)	(3)	2)
Accrued liabilities	49)	(66)	(398)	(403)	696)	(138)	(495)	258)	49)	191)	114)	389)	233)	82)	285)	256)	112)	33)	(13)	5)	20)	5)	(33)
Deferred revenue	(323)	179)	(33)	(887)	(194)	(160)	(819)	(1,466)	(321)	(1,565)	(805)	(1,607)	998)	(233)	3,666)	2,602)	1,189)	52)	—)	(11)	(10)	(7)	(16)
Income taxes payable	(2)	(45)	(11)	7)	9)	(19)	18)	(18)	(283)	(1,243)	716)	311)	565)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Operating lease liabilities	8)	31)	(6)	(54)	593)	8)	4)	13)	(8)	(9)	(10)	9)	—)	10)	(2)	(3)	—)	(1)	15)	(1)	10)	5)	(2)
Other liabilities	6)	(141)	130)	52)	39)	(3)	(15)	(185)	10)	228)	35)	100)	(417)	347)	93)	(1)	2)	(1)	6)	(6)	(1)	—)	1)
Changes in assets and liabilities, net of acquisition of business	(1,729)	(146)	60)	249)	182)	574)	(1,144)	153)	(904)	(1,815)	(889)	(1,465)	(170)	1,193)	1,750)	1,436)	1,092)	60)	(10)	(5)	(11)	(1)	(37)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	(1,579)	5)	186)	405)	2,030)	465)	(1,304)	197)	(791)	(1,893)	(894)	(1,558)	(57)	1,283)	1,750)	1,537)	1,126)	93)	18)	24)	16)	26)	(12)
Net cash provided by (used in) operating activities	(1,566)	(1,274)	(989)	622)	(1,600)	(915)	(1,225)	1,662)	252)	304)	2,763)	3,310)	3,276)	4,063)	2,971)	1,264)	893)	(24)	(106)	(99)	(107)	(109)	(144)
Purchases of marketable securities	(1,251)	(846)	(2,544)	(1,663)	(816)	(196)	(1,085)	(2,510)	(191)	(3,162)	(5,572)	(2,373)	(3,720)	(5,833)	(726)	(630)	(1,423)	(282)	(621)	(196)	(106)	(414)	(430)
Proceeds from maturities of marketable securities	1,112)	1,963)	1,573)	864)	1,447)	1,904)	1,360)	929)	813)	968)	441)	263)	215)	521)	339)	389)	231)	247)	270)	245)	184)	160)	404)
Proceeds from sales of marketable securities	1,011)	714)	1,285)	481)	298)	470)	1,957)	630)	412)	1,129)	1,377)	1,122)	277)	1,464)	242)	74)	32)	66)	42)	88)	42)	18)	21)
Purchases of property, plant and equipment	(151)	(182)	(196)	(220)	(140)	(234)	(113)	(92)	(89)	(87)	(132)	(120)	(99)	(30)	(35)	(23)	(19)	(19)	(6)	(7)	(7)	(11)	(8)
Acquisition of business, net of cash acquired	—)	—)	—)	—)	—)	—)	(85)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Investment in convertible notes and equity securities	—)	—)	—)	—)	—)	—)	(23)	(5)	—)	—)	(35)	(30)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net cash (used in) provided by investing activities	721)	1,649)	118)	(538)	789)	1,944)	2,011)	(1,048)	945)	(1,152)	(3,921)	(1,138)	(3,327)	(3,878)	(180)	(190)	(1,178)	12)	(316)	130)	113)	(247)	(12)
Proceeds from public offerings of common stock, net of issuance costs	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1,303)	549)	—)	—)	—)	—)
Proceeds from issuance of common stock through equity plans	8)	32)	15)	15)	6)	16)	9)	25)	11)	17)	12)	28)	32)	36)	28)	50)	30)	78)	28)	31)	16)	4)	—)
Repurchase of common stock, including excise tax	—)	—)	—)	—)	1)	(628)	(526)	(402)	(1,006)	(1,298)	(623)	(857)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Changes in financing lease liabilities	3)	2)	(1)	(124)	(65)	(56)	(25)	(61)	(46)	(46)	(31)	(44)	(34)	(60)	(2)	(6)	—)	—)	—)	—)	—)	—)	—)
Net cash provided by (used in) financing activities	11)	34)	14)	(109)	(58)	(668)	(542)	(438)	(1,041)	(1,327)	(642)	(873)	(2)	(24)	26)	44)	30)	1,381)	578)	31)	16)	4)	—)
Effect of changes in exchange rates on cash and cash equivalents	1)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net increase (decrease) in cash, cash equivalents and restricted cash	(833)	409)	(857)	(25)	(869)	361)	244)	176)	156)	(2,175)	(1,800)	1,299)	(53)	161)	2,817)	1,118)	(256)	1,370)	156)	62)	22)	(351)	(156)

Net Income (Loss): The company experienced consistent net losses from 2019 through the first half of 2020, with losses deepening particularly in the second half of 2020. Starting from Q1 2021, net income turned positive with significant growth, peaking in Q4 2021. Subsequently, the net income declined progressively through 2022 and 2023, with some quarters returning to losses. The beginning of 2024 shows a slight recovery to near breakeven levels.
Stock-based Compensation: Stock-based compensation expenses increased steadily over the entire period, rising from around $18 million in early 2019 to over $100 million by mid-2024, indicating ongoing employee incentive expenses growing alongside company growth.
Depreciation and Amortization: Depreciation and amortization values fluctuated but showed an overall increasing trend, with notable spikes in Q2 and Q3 of 2021 and a significant jump in Q4 2023, possibly indicating expanded asset base or accelerated amortization schedules.
Amortization/Accretion of Investments: This item showed gradual increases until early 2022, then switched to negative values, particularly becoming more negative from Q2 2023 onward, suggesting adjustments or impairments on investments, reflecting changing valuations or write-downs.
Gain (Loss) on Equity Investments, Net: Beginning in late 2022, intermittent gains and losses were recorded in this category with high variability, indicating fluctuating returns from equity investments over recent quarters.
Deferred Income Taxes: Deferred income taxes showed significant volatility, with large negative values in 2021 and 2022, but a dramatic positive spike in Q3 2023, possibly due to one-time tax adjustments or reversals.
Other Non-cash Items: The amounts were generally small and fluctuated around zero with occasional spikes in 2022 and 2023, indicating minor irregular non-cash impacts on earnings.
Accounts Receivable, Net: Receivables demonstrated considerable volatility, with large negative values in 2020 and early 2021 followed by sharp increases and decreases through 2023 and 2024. This suggests changing collections cycles or billing patterns and possible challenges in receivables management.
Prepaid Expenses and Other Assets: This category showed wide fluctuations without a clear trend, including large negative impacts in late 2021 and early 2022 and partial recovery later, indicating volatile prepayments or asset reclassifications.
Inventory: Inventory levels were mostly negative or declining through 2021, reflecting possible usage or sales exceeding replenishment, but turned positive in 2022 and 2023, suggesting stock build-up or production increases at times.
Right-of-Use Assets, Operating Leases: Values were fairly volatile and small relative to other items, with occasional negative and positive movements, indicating lease accounting impacts without substantial directional trend.
Accounts Payable: Payables fluctuated notably, showing increases and decreases with no consistent trend, signaling variable payment timing or supplier relationships over the period.
Accrued Liabilities: Accrued liabilities increased significantly in 2020 and early 2021, then moved variably including some sharp negative adjustments in late 2022 and early 2023, indicative of changes in accrued expenses or reversals.
Deferred Revenue: Deferred revenue surged sharply in the second half of 2020 and early 2021, peaking at substantial positive values, then experienced large negative corrections through late 2021 and into 2024, reflecting significant variability in customer prepayments or contract billing patterns.
Income Taxes Payable: The item appeared only starting 2021, showing fluctuating values with both positive and negative movements, suggesting volatile current tax obligations or adjustments.
Operating Lease Liabilities: Generally small and fluctuating amounts were recorded, with some spikes in 2023, possibly reflecting changes in lease obligations or accounting treatments.
Other Liabilities: Other liabilities showed irregular movements, including large positive swings in 2020-2021, and subsequent reversals, indicating variable miscellaneous obligations or reclassifications.
Changes in Assets and Liabilities, Net of Acquisition: This line item exhibited large positive values during 2020 and 2021, indicating strong cash absorption from working capital changes, followed by mostly negative or smaller positive changes thereafter, reflecting fluctuations in operational liquidity needs.
Net Cash Provided by (Used in) Operating Activities: Operating cash flow was negative until mid-2020, turning strongly positive in the second half of 2020 through 2021, then dramatically weakening with negative figures in much of 2023 and early 2024, indicating operational cash generation challenges in the most recent period.
Purchases and Proceeds of Marketable Securities: Purchases showed several spikes, particularly a large peak in mid-2021, while proceeds from maturities and sales fluctuated, with significant sales activity in 2021 and 2022. The pattern suggests active management of investment securities with varying buy/sell timing.
Purchases of Property, Plant and Equipment: Capital expenditures increased gradually over time, with a notable peak in late 2023, indicating steady investments in infrastructure or expansion.
Acquisition of Business: A single acquisition event occurred in Q4 2022, as indicated by a $-85 million cash outlay, suggesting strategic growth through acquisition.
Investment in Convertible Notes and Equity Securities: Small sporadic investments were made in 2021 and 2022, indicating selective capital deployment into financial instruments or equity stakes.
Net Cash Used in Investing Activities: Investing cash flows were highly volatile, with large outflows particularly in later 2020 and 2021, reflecting increased investment activities including securities purchases and capital spending. Some quarters in 2022 and 2023 recorded inflows, suggesting sales or maturities of investments.
Proceeds from Public Offerings and Issuance of Common Stock: There were large proceeds from public offerings in 2020 and issuance of stock through equity plans steadily increasing over time, highlighting capital raising efforts and employee equity incentives.
Repurchase of Common Stock: From 2021 onwards, the company engaged in significant stock repurchase activity, peaking in late 2021 and continuing through 2022 and 2023, indicating share buyback programs.
Changes in Financing Lease Liabilities: Relatively small and consistent reductions were recorded, corresponding to normal lease liability amortization or settlements.
Net Cash Provided by (Used in) Financing Activities: Financing cash flows were strongly positive in 2020 due to equity issuance but gradually declined with intermittent negative periods reflecting the repurchase activity and less capital raising.
Effect of Changes in Exchange Rates on Cash and Cash Equivalents: Minimal effect was noted, with only a small positive impact recorded in the most recent quarter.
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash: Cash levels fluctuated widely, with significant increases in late 2020 and 2021 aligned with positive operating cash flow, and marked decreases in 2022 and 2023 correlating with negative operating cash flow and investing outflows. Early 2024 shows modest cash declines.

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Moderna Inc. (NASDAQ:MRNA)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data